Modern Financial Markets and Institutions provides a comprehensive and authoritative introduction to the workings of modern financial systems, the efficiency of money markets and the role of investment bankers, illustrating how they impact our everyday lives. By drawing on numerous real-world examples, this text is essential reading for students of banking, finance, investment, business studies and economics. It will be invaluable for those looking to entering banking, insurance, fund management and other financial services industries. "The practical perspective is perfect for business students wishing to understand the financial sector and how it works. Arnold again, as with his other books, has done a great job here. This is a book I have been waiting for some time." Mr Jim Keane - Gloucester Business School University of Gloucestershire, Cheltenham, UK "Excellent analysis and clear explanations." Ms. Nirmala Lee - Dept Of Accounting/Finance LondonMet (Guild) University, London, UK

The Great Financial Crisis, which started in 2007-08, was originally called the 'sub-prime' crisis because its origins could be traced to excessive lending in the real estate sector in the US, concentrated mostly in sunbelt states like Nevada, Florida and California. There were similar pockets of excess lending for housing in Europe, notably in Ireland and Spain. But a key difference emerged later: in Ireland and Spain, the local banking systems almost collapsed and the governments experienced severe financial stress with large macroeconomic costs. Nothing similar happened in the US. The local financial system remained fully functional and the local governments did not experience increased financial stress in the states with the biggest real estate booms, like Nevada or Florida. This book illustrates how the structure of the US banking market and the existence of federal institutions allowed regional financial shocks to be absorbed at the federal level in the US, thus avoiding local financial crisis. The authors argue that the experience of the US shows the importance of a 'banking union' to avoid severe regional (national) financial dislocation in the wake of regional boom and bust cycles. They also discuss the extent to which the institutions of the partial banking union, now in the process of being created for the euro area, should be able to increase its capacity to deal with future regional boom and bust cycles, thereby stabilising the single currency.

Capital formation plays a large part in any evaluation of economic growth and decline. In recent years the provision of capital in the British industrial revolution has received renewed attention. This interest arises out of attempts to trace the course and explain the progress of the pioneer industrializing country; to assess the reasons for Britain's subsequent loss of economic pre-eminence; and to explain the process of industrialization in a general way, in particular on behalf of countries which are in the midst of this process today. The debate has been largely theoretical because of the lack of reliable data for the period prior to 1850, and up-to-date estimates for the period thereafter. This book seeks to remedy this lack. Part I, based largely on archival and other primary sources, contains detailed studies of the amount of capital invested in the main sectors of the economy (coal mining, agriculture, textiles, roads and waterways) from 1750-1850. Part II provides for the first time a comprehensive set of estimates compiled on a consistent basis for the entire period from 1750-1920. It thus provides the foundation for a full study of capital accumulation in Britain from the industrial revolution to the First World War.

This innovative text offers an introduction to money, banking, and financial markets, with a special emphasis on the importance of confidence and trust in the macroeconomic system. It also presents the theory of endogenous money creation, in contrast to the standard money multiplier and fractional reserve explanation found in other textbooks. The U.S. economy and financial institutions are used to explain the theoretical and practical framework, with international examples weaved in throughout the text. It covers key topics including monetary policy, fiscal policy, accounting principles, credit creation, central banks, and government treasuries. Additionally, the book considers the international economy, including exchange rates, the Eurozone, Chinese monetary policy, and reserve currencies. Taking a broad look at the financial system, it also looks at banking regulation, cryptocurrencies, real estate, and the oil and gold commodity markets. Students are supported with chapter objectives, key terms, and problems. A test bank is available for instructors. This is an accessible introductory textbook for courses on money and banking, macroeconomics, monetary policy, and financial markets.

This innovative text offers an introduction to money, banking, and financial markets, with a special emphasis on the importance of confidence and trust in the macroeconomic system. It also presents the theory of endogenous money creation, in contrast to the standard money multiplier and fractional reserve explanation found in other textbooks. The U.S. economy and financial institutions are used to explain the theoretical and practical framework, with international examples weaved in throughout the text. It covers key topics including monetary policy, fiscal policy, accounting principles, credit creation, central banks, and government treasuries. Additionally, the book considers the international economy, including exchange rates, the Eurozone, Chinese monetary policy, and reserve currencies. Taking a broad look at the financial system, it also looks at banking regulation, cryptocurrencies, real estate, and the oil and gold commodity markets. Students are supported with chapter objectives, key terms, and problems. A test bank is available for instructors. This is an accessible introductory textbook for courses on money and banking, macroeconomics, monetary policy, and financial markets.

The Great Financial Crisis, which started in 2007-08, was originally called the 'sub-prime' crisis because its origins could be traced to excessive lending in the real estate sector in the US, concentrated mostly in sunbelt states like Nevada, Florida and California. There were similar pockets of excess lending for housing in Europe, notably in Ireland and Spain. But a key difference emerged later: in Ireland and Spain, the local banking systems almost collapsed and the governments experienced severe financial stress with large macroeconomic costs. Nothing similar happened in the US. The local financial system remained fully functional and the local governments did not experience increased financial stress in the states with the biggest real estate booms, like Nevada or Florida. This book illustrates how the structure of the US banking market and the existence of federal institutions allowed regional financial shocks to be absorbed at the federal level in the US, thus avoiding local financial crisis. The authors argue that the experience of the US shows the importance of a 'banking union' to avoid severe regional (national) financial dislocation in the wake of regional boom and bust cycles. They also discuss the extent to which the institutions of the partial banking union, now in the process of being created for the euro area, should be able to increase its capacity to deal with future regional boom and bust cycles, thereby stabilising the single currency.

In the wake of the drastic changes that have occurred in the world banking industry over the past two decades, Professor Canals's new book addresses several important questions: are universal banks bound to disappear? What is the role of universal banks and financial markets in the context of deregulation and disintermediation? What should banks' strategic reactions be to changes in the industry such as diversification, internationalization, and restructuring? And what role do banks play vis a vis modern financial markets? Canals draws on up-to-date case studies from Europe, Japan, and the US to provide a provocative reassessment of universal banking.

The Foundations of Monetary Economics presents an authoritative collection of key articles on monetary economics - one of the most contentious areas of economics. David Laidler - who has himself made important contributions - has selected those articles which are essential to an understanding of the origin and development of monetary economics. This important three-volume collection includes classic papers from the late 19th and early 20th centuries but places the emphasis on those papers written in the last half century. Particular weight is given to work that pays explicit attention to money's role in processes of exchange. Topics include the origins of money; cash in advance; overlapping generations and legal restrictions; theories of the demand for money; empirical studies of the demand for money; money, prices and output; money in general equilibrium and disequilibrium; money and clearing markets; credit market effects; monetary explanations of the cycle; money and the Great Depression; money and growth; monetary policy and the price level; rational expectations and monetary policy; central banking; free banking and the new monetary economics.

This book explores China's currency wars with its trading partners in four Western newsmagazines: Time, The Economist, L'Express, and Der Spiegel. Based on both quantitative and qualitative approaches, the interdisciplinary approach adopted in the research draws on two analytical frameworks from the realm of critical discourse analysis; van Leeuwen's socio-semantic inventory of social-actor representation, and van Dijk's concepts of macro-rules as the overarching approaches to understand the changing dynamics of international relations and the global economy through Western media. The sample in this study consists of 160 texts, half of which are focused on China and the other half on Japan, across a period of 12 months in 2010 (China) and in 1987 (Japan). Through the comparison of Western representation betwen China and Japan, the similarities and differences in their coverage have been revealed as even more striking, with regards to global politics and the international economy.

Institutional economics claims that institutions and policies rather than the size of labour force, technology or capital investment are pivotal for growth or under-development. In this regard there are two kinds of institutions: external institutions expressed in the form of laws, organisations, regulations, companies, banks and the like and internal institutions, which are found in the hearts and consciences of individuals. Against this backdrop, this book acquaints readers with the basic concepts related to institutional economics. It then brings to light the theoretical concepts related to the institutional perspectives on Islamic economics, particularly highlighting areas where Islamic economic institutions lay at the crossroads with conventional ones. The book also ref lects upon the organisational arrangements that comply with the basic tenets of Islamic institutional economics. Further, it brings a collection of real-world case studies into discussion to show the models of Islamic institutions that are pragmatic in today's business environment. The book contains novel dimensions on the subject, includes conceptual debates as well as practical examples and explores hot topics such as waqf and fintech from an Islamic perspective. This is the first book to exclusively cover this topic and is written by well-known and respected international economists from the field. Since the book is written in an accessible style and the concepts are expressed in plain language, it will find an audience among academics, researchers and students in economics and Islamic economic studies, as well as policymakers and professionals engaged in the Islamic finance industry, seeking to make their services and products conform to an Islamic institutional perspective.

This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union - a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current 'state of the art' in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms - in particular, the ones to be used as 'fiscal capacity'. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.

Multimodal Approaches to Media Discourses brings together contributions from an interdisciplinary group of scholars on corpus-assisted analyses of multimodal data on austerity discourses in the United Kingdom, which extend and expand on the understanding of austerity but also of the methodologies used to analyse multimodal corpora. The volume demonstrates how the austerity measures introduced in response to global economic and financial crises in recent years can be viewed as being more complexly layered than they appear, not simply reduced to their connections to spending cuts and fiscal debt. The book employs an innovative methodological approach, in which established and emerging scholars from linguistics and computational and social sciences critically reflect on the exact same set of data - multimodal texts and articles from The Guardian and The Daily Telegraph from 2010 to 2016. This framework allows for the exploration of the role of the media in mediating the public's assessment of austerity and the ideas, actors, emotions, geographies and broader material context which contribute to such perceptions. In so doing, the volume also offers unique insights into systematic analyses to multimodal data which may be applied to other topics and connected with other disciplines. Enhancing our awareness and assessment of austerity in public discourse and of the methodologies to study it, this book is key reading for students and researchers in discourse analysis, corpus linguistics, multimodality, and those working at the intersection of these fields.

This book provides a technical and specialised discussion of contemporary and emerging issues in foreign exchange and financial markets by addressing the issues of risk management and theory and hypothesis development, which have general implications for finance theory and foreign exchange market management. It offers an in-depth, comprehensive analysis of the issues concerning the volatility of exchange rates. The book has three main objectives. First, it applies the integrated study of exchange rate volatility in terms of depth and breadth. Second, it applies the integrated study of exchange rate volatility in Malaysia, as a case study of a developing country. Malaysia had imposed capital control measures in the past and has now liberalised its exchange rate market and will continue to liberalise it further in the long run. Hence, the need to understand exchange rate volatility measurement and management will be even more important in the future. Third, the book highlights new conditional volatility models for a developing country, such as Malaysia, and develops advanced econometric models which have produced results for sound risk management strategies and for achieving risk management in the financial market and the economy. Additionally, the authors recommend risk management themes which may be of relevance to other developing countries. This work can be used as a reference book by fund managers, financial market analysts, researchers, academics, practitioners, policy makers and postgraduate students in the areas of finance, accounting, business and financial economics. It can also be a supplementary text for Ph.D. and Masters' students in these areas.

'A fascinating portal into arguments about why we need to get beyond money' - Harry Cleaver What would a world without money look like? This book is a lively thought experiment that deepens our understanding of how money is the driver of political power, environmental destruction and social inequality today, arguing that it has to be abolished rather than repurposed to achieve a postcapitalist future. Grounded in historical debates about money, Anitra Nelson draws on a spectrum of political and economic thought and activism, including feminism, ecoanarchism, degrowth, permaculture, autonomism, Marxism and ecosocialism. Looking to Indigenous rights activism and the defence of commons, an international network of activists engaged in a fight for a money-free society emerges. Beyond Money shows that, by organising around post-money versions of the future, activists have a hope of creating a world that embodies their radical values and visions.

Over forty years after the formal end of colonialism, suffocating ties to Western financial systems continue to prevent African countries from achieving any meaningful monetary sovereignty. Economic and Monetary Sovereignty in 21st Century Africa traces the recent history of African monetary and financial dependencies, looking at the ways African nations are resisting colonial legacies. Using a comparative, multi-disciplinary approach, this book uncovers what went wrong after the Pan-African approaches that defined the early stages of independence, and how most African economies fell into the firm grip of the IMF, World Bank, and the EU's strict neoliberal policies. This collection is the first to offer a wide-ranging, comparative and historical look at how African societies have attempted to increase their policy influence and move beyond neoliberal orthodoxy and US-dollar dependency. Economic and Monetary Sovereignty in 21st Century Africa is essential reading for anyone interested in the African quest for self-determination in a turbulent world of recurring economic and financial crisis.

How can financial flows help the EU fulfil its mandate to promote economic, social and territorial cohesion, and solidarity among Member States enshrined in the EU Treaty? Dissecting the complexity of cohesion, this book examines the factors that matter most for the functioning of the Economic and Monetary Union and the convergence of Central, Eastern and Southeastern European (CESEE) countries. This insightful and timely book brings together central bankers, policy makers and academics to discuss how to best advance and fund the catching-up process of the euro area and CESEE countries. Focusing on a modern understanding of industrial policy - which fosters skills, innovation and infrastructure - contributors highlight how the EU's regional policy can better meet persistent investments needs. Critical and comprehensive, this book is crucial reading for researchers at all levels focusing on policy reform in emerging European economies. Central bankers and policy experts in public or international organizations will also benefit from this book's contemporary perspective on monetary and industrial policies.

The Political Economy of Monetary Union presents an important collection of the most influential articles covering different areas in this expanding field. The volume brings together both the classical articles which have laid the foundations for the theory of optimum currency and the resulting empirical literature. Further papers focus on the issues of fiscal policy, the design and operation of the central bank in a monetary union and the problems of transition to monetary union. This authoritative volume is essential reading for all scholars, students and practitioners interested in the issues relating to economic and monetary unification.

This book is a research monograph addressed to a wide range of academics interested in corporate short-term capital. The study shows the role of trade credit in the functioning of economic entities. It constitutes a comprehensive source of knowledge about the role of trade credit in the development of enterprises, as well as the impact of this form of finance on the development of economies. Apart from an extensive review of the theoretical aspects of the role of trade credit in the economy, the study discusses the importance of factors influencing trade credit behaviour. Trade credit, despite its versatility, has not yet been fully described, particularly with regard to the specificity of domestic markets. This study aggregates and supplements the existing sources. The monograph is of an international character, as it covers a substantial group of European countries. Therefore, it is likely to have international appeal. The findings may be of interest to those involved in finance management. Understanding the differences in receivables management resulting from the country specificity can contribute to a better understanding of business finance and its operational functions. This knowledge may support the effective management of receivables and liabilities, especially in companies operating on the global market. Chapters 1 and 5 of this book are freely available as a downloadable Open Access PDF under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license available at http://www.taylorfrancis.com

This book provides a systematic overview of the current trends in research relating to the use of Artificial Intelligence in Islamic financial Institutions (IFIs), across all Organization of Islamic Cooperation (OIC) countries. By adopting new methodological approaches steeped in an Islamic economic framework (e.g., analysing FinTech in the context of Shariah principles and Islamic values), it devises practical solutions and generates insightful knowledge, helping readers to understand and explore the role of technological enablers in the Islamic finance industry such as; Reg-Tech and Artificial Intelligence, in providing better and Shariah compliant services to customers through digital platforms. The book will attract a wide readership spanning Shariah scholars, academicians and researchers as well as Islamic financial practitioners and policymakers.

This textbook is an elementary introduction to the key topics in mathematical finance and financial economics - two realms of ideas that substantially overlap but are often treated separately from each other. Our goal is to present the highlights in the field, with the emphasis on the financial and economic content of the models, concepts and results. The book provides a novel, unified treatment of the subject by deriving each topic from common fundamental principles and showing the interrelations between the key themes. Although the presentation is fully rigorous, with some rare and clearly marked exceptions, the book restricts itself to the use of only elementary mathematical concepts and techniques. No advanced mathematics (such as stochastic calculus) is used.

Financialization - the increasing importance of financial markets, institutions and motives in the world economy - is described and analyzed in this rigorously researched volume. The contributors, top scholars in their fields, explore the quantitative and qualitative dimensions of financialization and tally its costs and benefits for society as a whole. They explore the puzzling promotion of financial liberalization by governments despite its enormous costs, and describe what can be done to alter the destructive path toward excessive financialization that most countries are taking. The book begins by presenting basic data on the distributional implications of financialization. Part two focuses on financialization in the context of the US economy, with discussion of the relationship between financialization and non-financial corporations, the stock market bubble, and the evolution of derivatives markets. The international dimensions of financialization are explored in part three, with particular attention paid to the evolution of the international monetary system. Part four presents five case studies of financialization and financial crises in emerging markets in the 1980s and 1990s: Mexico, Turkey, Argentina, Brazil, and South Korea. The final section offers ideas for policy responses, including capital controls and securities transaction taxes. Researchers and students of international economics and finance will find this provocative volume an important part of the debate surrounding this multi-faceted phenomenon.

After World War II, with the triumph of multilateralism, several international organizations were created, including two which would be of special importance for the external funding of the Portuguese economy in the second half of the twentieth century and in the early twenty-first. The European Union and the International Monetary Fund have been responsible for providing large amounts of funding, both in periods of economic development and during times of financial crisis. This contributory volume provides a thorough analysis on specific case studies: the Marshall Plan (19491952); the three IMF interventions (in the seventies, eighties and the 2011 bailout); the implementation of the first EU funds Portugal received prior to accession; and the debate on the new framework for European funds for the period 2021-2027. These case study analyses provide an overview of the legal, economic and financial implications that such external funding has on the country at different times and in different economic contexts. Of particular import at all times is the public finance legal framework, and this is especially the case for the new European funding structures, which has attracted some criticism. And for any future IMF financial assistance and its political implementation implications. Portuguese Economic Development and External Funding in the Modern Era provides important insights into economic development, crisis management, financial assistance and European investment funds. While the work is Portuguese-centred, the topics investigated and the means of analysis adopted are applicable to other countries. This is the first book to address economic development and external funding, and it will inevitably be used as a template for future research.

Offering the first scholarly analysis of the economic nature of blockchains and the formation of the blockchain economy, this timely book explores the future of global capitalism. Applying the institutional economics of Ronald Coase and Oliver Williamson, the authors highlight how blockchains are poised to reshape the nature of firms, governments, markets and civil society. Chapters apply basic economic principles to explore blockchains and distributed ledger technologies through the framework of institutional economics. The book suggests ways in which cryptocurrencies such as Bitcoin may develop further in the future, bringing us back to a barter economy which removes the need for a third person in economic transactions. Outlining a ledger-centric view of the economy, the authors explore how blockchains and dehierarchalisation will reduce the demand for government regulation. Institutional economists and scholars will greatly appreciate the thorough analysis of the development of institutional cryptoeconomics and insight into the future of blockchains that this book offers. Computer and technology scientists will also find this book to be a valuable read, as well as those working specifically in the blockchain industry.

When Robert Z. Aliber's" The International Money Game" first appeared in 1973, it was widely acclaimed as the best - and most entertaining - introduction to the arcane mysteries of international finance on the market. The seventh edition of this classic work has again been fully rewritten to take account of the immense changes in the world economy since the previous edition, and includes a new chapter on asset pricing and bubbles.

Looking from the 11th century to the 20th century, Kuroda explores how money was used and how currencies evolved in transactions within local communities and in broader trade networks. The discussion covers Asia, Europe and Africa and highlights an impressive global interconnectedness in the pre-modern era as well as the modern age. Drawing on a remarkable range of primary and secondary sources, Kuroda reveals that cash transactions were not confined to dealings between people occupying different roles in the division of labour (for example shopkeepers and farmers), rather that peasants were in fact great users of cash, even in transactions between themselves. The book presents a new categorization framework for aligning exchange transactions with money usage choices. This fascinating monograph will be of great interest to advanced students and researchers of economic history, financial history, global history and monetary studies.